Key Developments For SINRON MEDIKAL BE`AM
SINRON MEDIKAL BE`AM (ELOS.O) (Nasdaq)
Syneron Medical Ltd. To Acquire Primaeva Medical, Inc.
Syneron Medical Ltd. announced that it has signed a definitive agreement to acquire Primaeva Medical, Inc., an aesthetic technology firm based in Pleasanton, CA. Primaeva developed a minimally invasive RF aesthetic device for the treatment of skin wrinkles and laxity. The proposed acquisition is subject to customary conditions and is expected to close before the end of calendar year 2009. Syneron expects to introduce the non-surgical skin tightening Primaeva technology in 2010. Syneron will acquire Primaeva for $7 million in cash, with potential additional consideration of up to $23 million in cash contingent on the achievement of commercial milestones.
Syneron Medical Ltd. And Candela Corporation To Merge Creating A Global Aesthetic Device Company
Syneron Medical Ltd. and Candela Corporation announced that they have entered into a definitive agreement to combine the companies in an all stock transaction. This strategic combination, unanimously approved by the Boards of Directors of both companies. The transaction is expected to be completed by year-end 2009. Under the terms of the merger agreement, Candela shareholders will receive 0.2911 ordinary shares of Syneron for each share of Candela common stock they own. Based upon the closing stock price of Syneron common stock on September 8, 2009, this represents $2.84 per share of consideration to be received by Candela shareholders, or a total consideration of approximately $65 million. The consideration represents a premium of approximately 51% to the closing stock price of Candela common stock on September 8, 2009. Syneron shareholders will retain their shares. Under the terms of the merger agreement, Candela shareholders will receive 0.2911 shares of Syneron ordinary share for each share of Candela common stock they own. Syneron will issue 6.7 million shares to acquire Candela. Upon completion of the transaction, Syneron shareholders will own approximately 80% of the combined company and Candela shareholders will own approximately 20%.
Syneron Medical Ltd. To Launch Treatment Modality, New Product For Procedures Leading To Body Contouring
Syneron Medical Ltd. announced that it will introduce a new and treatment modality called Sublative Rejuvenation, which answers the skin rejuvenation market's emerging demand for optimal efficiency, minimal downtime and an affordable procedure price point. In addition, Syneron will release VelaShape II, with increased RF energy for quicker non invasive procedures to body contouring, and launch Syneron Advantage.
Syneron Medical Ltd.'s Syneron Dental Announces European OEM Agreement
Syneron Dental, a division of Syneron Medical Ltd. announced that it has signed an OEM agreement with a European company to produce and distribute a dental laser using Syneron's Laser in Handpiece technology. Details of the agreement have not been disclosed.
Syneron Medical Ltd. Announces Appointment Of Mr. Lou Scafuri As CEO
Syneron Medical Ltd. announced that its Board of Directors has nominated Mr. Lou Scafuri to the CEO position of the Company; this nomination is effective immediately. This change in leadership is part of the restructuring process initiated by the Company under the guidance of the Board of Directors to better prepare the Company for the changing conditions in the global professional aesthetic market.
